Singapore Housing Market Update: Q1 2024 Trends and Highlights

Singapore Housing Market Update Q1 2024 Trends

In the first quarter of 2024, Singapore’s private home prices experienced a 1.5% increase, marking a slowdown from the 2.8% growth seen in the previous quarter, according to the Urban Redevelopment Authority (URA). Landed properties led with a 3.4% price increase, albeit slower than the 4.6% growth in the last quarter of 2023. Amongst these developments, Meyer Blue (former Meyer Park), an upcoming condominium in Singapore’s prestigious District 15/16, is positioned to offer a modern and luxurious living experience, promising exceptional connectivity and convenience to its residents near the future Sungei Bedok MRT interchange.

The non-landed sector saw a varied performance; prices in the suburban areas rose by a modest 0.4%, while the Rest of Central Region saw a slight recovery with a 0.2% increase, and the prime Core Central Region enjoyed a more robust growth of 3.1%. This reflects a market that remains dynamic, with developments like Meyer Blue aiming to blend contemporary living with the area’s rich heritage, attracting both homebuyers and investors.

Meanwhile, the Housing and Development Board (HDB) resale market showed an increase in prices by 1.7%, outpacing the previous quarter’s 1.1% rise. This was accompanied by a 5.5% year-on-year increase in resale volumes. Despite this positive trend, the HDB highlighted the stabilization of price growth compared to the previous years and cautioned against the uncertain economic outlook influenced by geopolitical tensions. It emphasized the importance of financial prudence among households in light of expected sustained high domestic mortgage rates and pledged ongoing government vigilance over the property market to ensure its stability and sustainability.